Venezuela, the world's fifth largest oil exporter has been pressing for a higher preferential price band for over a year.
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Venezuela's Ramirez Forecast Further Price Rise
Ramirez said that OPEC will discuss the possibility of lifting production capacity
Venezuela's Oil Minister Rafael Ramirez declared Thursday that members of the Organization of Petroleum Exporting Countries and non-OPEC oil producers don't have much capacity to increase production at the moment, so crude oil prices should remain high in 2005.
"I see prices staying high for a good part of 2005," he added, speaking on the sidelines of an energy event in Venezuela.
Ramirez said that OPEC will discuss the possibility of lifting production capacity at the group's next meeting Dec. 10 in Cairo. He also said the group continues to discuss the possibility of raising its $22-$28 per barrel preferential price band at the Cairo meeting.
Venezuela, the world's fifth largest oil exporter has been pressing for a higher preferential price band for over a year.
Venezuela, the world's fifth largest oil exporter has been pressing for a higher preferential price band for over a year.
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